By Commodity News Service Canada
Winnipeg, Nov. 15 – The Canadian dollar closed firmer against the US dollar on Friday, underpinned by positive Canadian manufacturing data, analysts said.
Statistics Canada reported that manufacturing sales increased by 0.6% in Canada to C$49.9 billion during the month of September. Pre-report expectations called for a rise of 0.5%.
The Canadian currency was quoted at US$0.9572 or US$1=C$1.0447 at the close on Friday, which compares with Thursday’s North American settlement of US$0.9553 or US$=C$1.0468.
Spillover support from the advances seen in gold prices, one of Canada’s biggest commodity exports, was also bullish for the loonie.
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However, the Canadian currency’s upside was limited by disappointing Canadian home sales data. The sales of existing homes in Canada declined by 3.2% in October, the first decrease in eight months, the Canadian Real Estate Association said.
Canadian bonds were mixed ahead of the weekend with some downward pressure coming from the positive Canadian manufacturing data, according to analysts.
The two-year bond yielded 1.116% late Friday, from 1.106% late Thursday. The 10-year bond yielded 2.559%, from 2.556%. Bond yields fall as their prices rise.
